Technically, the hourly chart indicators moved back sharply into the bullish territory.
Ether Price Analysis
Yesterday, we discussed that the next move in ETH/USD could be either above $234.00 or toward $215.00. The pair failed to break the $234.00 resistance, resulting in a bearish reaction toward the $215.00 support.
ETH/BTC also failed to move past the 0.0340BTC resistance. The pair started a downside correction, and it seems like the pair may test the next support at 0.0320BTC in the coming sessions.
Starting with the hourly chart of ETH/USD, the pair failed on two occasions near $234.00-235.00 and formed a double top pattern. Later, there was a sharp downside move and Ether declined below the $225.00 and $222.00 levels.
During the decline, there was a break below the 50 percent Fibonacci retracement level of the recent upward move from the $210.06 low to $234.18 high. The next major resistance is close to $225.00-227.00.
The 6-hour chart of ETH/USD indicates that the pair is forming a key triangle pattern with current resistance at $227.00 and support at $215.00. A breakdown below the $215.00 support is likely to accelerate losses toward the $200.00 handle and the 61.8 percent Fibonacci retracement level of the major move from the $167.73 low to $254.66 high.
If ETH/USD fails to recover and clears the $210.00 support, there could be a sharp downside move in the coming sessions.